Policy decisions by major central banks will buy governments time to fix the ailing global economy, but risks still remained, Mexican central bank Deputy Governor Manuel Ramos Francia said after a meeting of G20 officials in Mexico City on Monday.

"Monetary easing buys time, but the risks are there," he told a news conference after a two-day meeting of Deputy finance ministers and central bank officials from G-20 nations. Mexico is the current chair of G20 Presidency.

The G20 officials acknowledged that countries need to boost growth to sail through the global turbulence.

Apart from the European Central Bank's bond-purchase program, implementation of other kind of policies are needed to contain the crisis in Europe, Ramos Francia said. The meeting stressed the importance of achieving a balance and sustained growth in the global economy. Unbalanced implementation of financial reforms will result in regulatory arbitrage and could even hamper effective functioning of global financial markets, the meeting warned.

IMF Managing Director Christine Lagarde on Monday called on governments to use the window of opportunity offered by the central bank policy decisions to revive growth as the global economy is still fraught with risks, and policy uncertainty is weighing down on growth.

Lagarde said that Europe remains the epicenter of the crisis and where the most urgent action is needed. She also signaled that the Fund may lower its global growth forecast at its upcoming economic outlook report to be published in October.

During the G20 summit in Los Cabos, Mexico, in June, world leaders had agreed to work collectively to foster growth, create high quality jobs and address the ongoing financial market tensions.

RTTNews